Wolfpack building has the complying with account balances in ~ the finish of the year. Accounts devices Accounts...


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Wolfpack construction has the complying with account balances at the finish of the year. Accounts equipment Accounts payable wages expense typical stock Land notes payable organization revenue Cash Retained earnings Balances $19,500 1,700 26,500 11,000 11,500 13,500 32,500 4,700
Required: Use only the ideal accounts come prepare a balance sheet. WOLFPACK building and construction Balance sheet December 31 legacy Liabilities complete liabilities Stockholders' Equity full stockholders' equity total liabilities and also stockholders' equity total assets

Answer:

WOLFPACK CONSTRUCTION
Balance Sheet
December 31
Assets Liabilities
Cash $4,700 accounts payable $1,700
Land $11,500 note payable $13,500
Equipment $19,500
Total liabilities $15,200
Stockholders' Equity
usual stock $11,000
kept earnings* $9,500
Total stockholders' equity $20,500
Total Assets $35,700 Total liabilities and stockholders' Equity $35,700

*Retained earnings = complete assets - total liabilities - usual stock

= $35,700-$15,200-$11,000

= $9,500

Note: service revenue & Salaries costs are pertained to 'Income Statement'. So, These space not come under the balance sheet


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